New Party of Greece

The New Party was a liberal political party in Greece that was active from 1873 to 1910. The party was organized around the principles of modernization of the political, social, and economic life of the country. Specifically, the party's priority was the development of the private economic sphere and the consequent restriction of state intervention in the economy. This political program was supported by the emerging middle class, Greeks living abroad, and Western European investors, and the party introduced the new ideas and principles of British liberalism to Greece. The party remained in power for most of the time until 1882, and the party pushed through an aggressive program of reforms, launching a progressive program of road and railroad construction and the digging of the Corinth Canal. In 1893, longtime party leader and Prime Minister Charilaos Trikoupis famously announced to Parliament, "Regretfully, we are broke," as Greece had engaged in massive overspending to modernize its armed forces. The government suspended the servicing of foreign loans and cut all non-essential spending. In 1895, the New Party lost re-election, and Trikoupis - the only leader that the party had ever known - died. In 1910, the party merged into the Liberal Party of Greece.